XRP Shatters the $1 Mark for the First Time in Over Three Years

Building on momentum from earlier this week, XRP initially struggled to break past $0.75 on Wednesday, briefly dipping to $0.65 before regaining strength

XRP price analysis for today reveals a massive breakout as the coin finally crossed the $1 mark for the first time in over three years. XRP price opened today at $0.86 and quickly surged to hit a high of $1.05, showing an impressive gain of more than 30%.

After opening the week with a bullish note, XRP price had faced some resistance at the $0.75 level on Wednesday. The coin briefly dipped to $0.65 before regaining momentum and continuing its ascent.

As the week progressed, XRP price recovered quickly, crossing the key $0.80 level on Thursday and surging further to reach $0.90 by Friday morning. The coin continued to rally throughout the day, finally breaking past the $1 threshold.

This breakout caps an extraordinary rally, with XRP climbing 113% in just two weeks from a low of $0.4930. XRP price also surged over 30% in the past 24 hours.

XRP Reclaims Sixth Place, Overtaking Dogecoin

The massive breakout also helped XRP reclaim its position among the top six cryptocurrencies. With a market cap of approximately $60 billion, XRP has overtaken Dogecoin (DOGE) to become the sixth-largest cryptocurrency by market cap.

Dogecoin had briefly overtaken XRP last week during a sensational rally that pushed its price to a three-year high of $0.43. However, XRP price recovered quickly, pushing Dogecoin back to the seventh spot.

While Dogecoin price is still up more than 300% year-to-date, XRP price has outperformed most other top cryptocurrencies with a gain of over 2,400% so far in 2023.

Industry commentators, including Ripple CEO Brad Garlinghouse, have attributed the rally to eased regulatory pressures following Donald Trump’s election as U.S. president. Garlinghouse believes Trump’s pro-crypto stance has alleviated tensions between U.S. crypto companies and the SEC, boosting market confidence.

What’s Next for XRP After $1?

Now that XRP has broken above $1, it will need to push toward the $1.20 range to maintain its position. However, a slight pullback could occur before the bullish trend resumes.

If a pullback happens, the immediate support level is around $1.018, which will be crucial in preventing a drop below $1. Further support levels include the Fibonacci 0.786 level at $0.9047 and the upper Bollinger Band support at $0.8854.

Should the upward momentum persist, XRP’s next target could be the 1.618 Fibonacci extension at $1.3457. Breaking through this level might lead to testing $1.87, near the 2.618 Fibonacci extension.

Beyond these levels, XRP could aim for $2 and potentially its all-time high of $3.84, representing a nearly 2X increase from its current price. Market analysts are convinced that once XRP reclaims $1, the path to an all-time high becomes straightforward. Some have argued for an XRP peak beyond $10.

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